Don’t Pay the IRS More than You Need To – Deductions Still Possible

By Heather Taylor1 Comments

There’s just under a month to the tax-filing deadline, but it’s not too late to increase your tax deductions for your 2012 tax bill.

You can contribute to your retirement account until Tax Day (April 15, 2013) for the 2012 contribution year and potentially score substantial tax deductions.

The 2012 contribution limit for traditional and Roth IRAs is $5,000, with a $6,000 catch-up maximum for those 50 and older. You might want to note that the limits for traditional and Roth IRAs will increase for 2013 to $5,500 with a catch-up limit of $6,500 for those 50 and older.

Self-directing your retirement plan can bring additional tax benefits. Any profits you make from investments with your IRA go back into your IRA tax-free!

Find out if you’re doing all you can to reduce your tax exposure while preparing for your financial future. If you discover additional potential deductions, it’s not too late to make adjustments for the tax year.

Visit our special Tax Time website to view a free webinar and take a Tax Day Quiz to figure out how you can still maximize your 2012 tax return.